On a budget? Finding a Manhattan home you love is still possible

There are opportunities around every corner in Manhattan when it comes to finding an affordable place to call home. (Justin Sullivan/Getty Images)

Real estate agents point to "location, location, location" as the primary factor that determines a home's cost — both in "for sale" and rental housing.

But what if you have your heart set on living in the center of all Manhattan has to offer? That's only for the rich. Right?

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Not necessarily. I like to say there are opportunities around every corner in Manhattan when it comes to finding a place to call home.

In fact, how you live can be as important as where you live — when it comes to a home's affordability.

For example, our most recent rental market report shows that the average monthly rent for a one-bedroom apartment located in a Manhattan walk-up building was $2,842 per month.

By contrast, an apartment of the same size located in a luxury, new, doorman building went for an average of $4,735 per month. That's a 66% difference.

If you can live without the amenities a luxury building offers, you can save yourself a considerable sum.

This money-saving technique only works in Manhattan locales that have a variety of housing stock. Areas like the Upper East and Upper West Sides have very diverse housing options — from luxury high-rises to modest tenements, often side-by-side on the same block.

But remember, no matter what type of building they live in, all residents have access to the same parks, restaurants and cultural institutions that make these neighborhoods iconic.

Other great areas across the city that offer less-expensive housing intermixed with high-end properties include Midtown East and West, as well as Murray Hill, the East Village and the Lower East Side.

In contrast, certain locations do not have this variety of apartment types. For example, because the Financial District was traditionally a commercial hub, residential buildings in the area are mainly office towers that have been converted to luxury apartments.

As a result, the neighborhood does not have as many affordable options for renters as other locales. In addition, areas like TriBeCa — where old industrial spaces have been converted into large, open residential lofts — also have limited "more affordabl" options.

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Besides targeting your search to desirable neighborhoods with diverse housing stock, another way to get the most for your money in your Manhattan apartment search is to be willing to stretch your boundaries — if even just by a few blocks.

Even the most in-demand neighborhoods have pockets that are comparatively more affordable. Usually, these areas are the furthest from subway stations — for example, the far West Side, Yorkville on the Upper East Side, or Alphabet City in the East Village.

The key is to get creative with your commute. With express buses and ride and bike-sharing services becoming increasingly popular, there are more options for getting around our city than ever before.

Sharing an apartment with a roommate is another way to score a home in a prime location on a limited budget.

Landlords typically look at roommates' combined income when judging their ability to afford an apartment. If you are willing to share your space, it's a great way to live in a home that you otherwise could not afford.

Just make sure you are compatible in terms of lifestyle and that both tenants sign the lease. It's the only way to ensure all parties have an equal level of responsibility for the home.

Manhattan has a reputation as being an expensive place to live, and rightfully so. Many times, this fact puts apartment seekers on the defensive. They think they are destined to end up in a home they can't afford, in a building that's run down, in a neighborhood they hate.

In reality, the housing stock in the borough is extremely diverse — just like in the city as a whole. Where the newest and most luxurious buildings may get all the publicity, there remain options that are more affordable — and they can be found in almost every neighborhood.

With patience and creativity, there are many ways to find your dream home in one of the most expensive places on earth — without breaking the bank.

Gary Malin is president of New York real estate brokerage firm Citi Habitats.